The review examines 'How Asia Works' by Joe Studwell, which proposes a three-part model for economic development based on the success of East Asian countries.
Longer summary
This book review explores Joe Studwell's 'How Asia Works', which argues that successful Asian economies followed a three-part development model: land reform, state-guided industrialization with export discipline, and financial policies supporting the first two goals. The review compares successful countries like Japan, South Korea, Taiwan, and China with less successful ones like Malaysia, Thailand, and the Philippines. It discusses the importance of land reform, industrial policy, and financial controls in early development stages, and how these policies differ from standard free-market advice. The review also considers potential counterarguments and the book's implications for current development economics.
Shorter summary